A financial instrument may be a written document which is legally capable of being transferred by endorsement or delivery. A financial instrument typically will include an unconditional promise to pay a sum certain in money payable on demand or at a definite time payable to the bearer or a particular person or entity. In order to be legally binding, a financial instrument will include a signature. Examples of types of financial instruments include personal checks, payroll checks, money orders, beer drafts, and even gift certificates.
Some states may require that shipments of liquor or beer be paid for at the time of delivery. A "beer draft" is a financial instrument which may be used to pay for such a shipment. A beer draft will include an unconditional promise to pay a specified amount of money to a particular beer or liquor vendor. Therefore, upon receipt of a shipment of liquor, a beer draft may be issued to the vendor for the amount of the invoice of the shipment.
Financial instruments may be created by completing a pre-printed form, such as that supplied by a financial institution to be used as personal checks. These pre-printed checks are typically sold to a consumer by the financial institution. These checks typically are pre-printed with parameters including a number which identifies the associated financial institution, an account number, the printed name of the financial institution, a check number, and other personal information regarding the person or entity owning the account such as name, address, telephone number, or driver's license number.
These checks also include areas to be completed by the person or entity owning the account. In order to draw funds against the account, the person must complete the financial instrument, in this case the personal check, by filling in the areas. The person will typically add parameters such as a date, payee to whom the financial instrument is being transferred, an amount, and a signature. Once the check is completed, it becomes legally negotiable.
The owner may keep a record of transactions by manually entering each transaction into a log typically supplied by the financial institution with the pre-printed checks. The owner usually enters a check number, data, payee, and amount of the check into the log.
Some known data processing systems permit a user, an owner of an account, to create a financial instrument using the data processing system which includes a printer, and a preprinted form. In these systems, the parameters include date, payee, and amount are received by the data processing system. The data processing system may then create the financial instrument by printing the received parameters, utilizing the printer, on the pre-printed form. In order to become legally negotiable, the user must sign the printed financial instrument.
These data processing systems may create a record of transactions by entering each transaction into a log typically maintained and stored within the data processing system. The data processing system usually enters a check number, data, payee, and amount of the check into the log.
Payroll checks are typically created in a manner similar to that described above for printing personal checks using a data processing system. These payroll checks are also typically printed on pre-printed forms.
Money orders are another example of a type of financial instrument. It is known in the prior art to be able to print money orders using a data processing system and printer. A user is supplied with pre-printed money order forms. These pre-printed forms may be numbered in sequence and may include similar pre-printed parameters such as those discussed above for personal checks. These pre-printed parameters may include a number which identifies the associated financial institution, the money order number, and other information such as the printed name of the financial institution. The user may enter parameters such as a payee, date, and amount. The data processing system then prints these parameters on the pre-printed money order form.
The data processing system may maintain a record of the transaction. In these systems, the record includes a list of money order numbers. The user is supplied with pre-printed money orders having corresponding numbers to those already recorded. A user must insert the pre-printed money orders into the data processing system in a particular order, typically numerical order. Each time a money order is printed using the data processing system, the date and amount may be entered into the record and associated with its corresponding money order number. If the pre-printed money orders are not in the proper sequence, the record will not maintain an accurate report of the date and amount for the particular money order number.
Additionally, coupons have previously been printed and distributed in enormous quantities to keep costs as low as possible. This is wasteful because many of the coupons will never be distributed. It is usually the practice to print and distribute to distribution location many more coupons than will ever be used because it is very difficult to predict in advance how many will be delivered to customers. In order to be printed in bulk the content of the coupons cannot be varied, that is all the coupons must be identical. Additionally, once the coupons are printed in this fashion they must still be distributed to the ultimate consumer. This usually involves bulk mailings or insertion into periodicals such as newspapers. This method of distribution results in severe waste because of the inability to target a particular type of consumer or delays in the distribution which result in the coupon being delivered to close to or even after its distribution date.
Another problem with this system of printing and distribution is that it precludes printing coupons that target specific locations or marketing areas or that respond quickly to unique marketing conditions. Coupons that are printed in bulk must be generalized to cover a large market area which will probably include many stores having vastly different demographics. A method is needed to distribute coupons to consumers that are tailored to the needs of individual locations and market conditions.